The Australian stock market pulled back from a five-year high at noon after Wall Street snapped a five-day losing streak following some solid economic data.
At 1205 AEST, the benchmark S&P/ASX200 index was 0.18% higher at 5,304.1 points, while the broader All Ordinaries index gained 0.2% to 5,298.8 points.
In earlier trade, the benchmark index hit as high as 5,314.3 points, its highest point since the week beginning June 23, 2008 when the S&P/ASX200 peaked at 5,334 points.
Wall Street's gains came on the heels of a report that confirmed US second-quarter growth at 2.5 per cent, while weekly jobless claims sank to 305,000.
Domestically, no major economic or equities news is expected on Friday.
In Australia, the market on Thursday closed higher boosted by the big mining companies which benefited from a strengthening iron ore price.
The benchmark S&P/ASX200 index was up 18.6 points, or 0.35%, at 5,294.5 points, while the broader All Ordinaries index gained 18.1 points, or 0.34%, to 5,288.2 points.
